If You’re Tying The Knot Soon And Considering Combining Finances, Here Are Some Tips For Success When Taking This Big Step
One of the aspects of marriage that often scares people the most is the sharing of finances or figuring out your finances as a couple in general.
Suddenly, you’re sharing your entire life with someone, meaning you’ll likely rent or purchase a home together, invest together, financially plan for your future kids, etc.
While you don’t necessarily have to, many couples choose to combine their finances after getting married. If you’re getting married soon or are curious about how you’d like to approach the situation in the future, here are some tips for combining your finances with your spouse after getting married.
Combining your finances with your spouse does have a lot of positives. For one, you’ll be able to help each other stay accountable and work through any financial issues together instead of dealing with it all alone. You also may see an improvement in your credit score and be able to build a stronger bond with your partner while you work together to keep each other financially stable.
So, if you’re considering combining your finances with your spouse, here are the things you should do as a couple.
Don’t be afraid to talk about money
For many people, talking about money, specifically the nitty-gritty of it all, like salaries, honest daily spending habits, etc., makes them very uncomfortable. But if you want to combine your finances with your spouse, you’ll have to be okay with talking about all things money and letting them know how you choose to spend and save.
Be honest about your fears or hesitations
If you want to combine your finances with your spouse but have some fears or reservations about the process, let them know! After all, how will your spouse know what to avoid doing if you don’t tell them? Talk through your worries and see if you can get through them together.
gpointstudio – stock.adobe.com – illustrative purposes only, not the actual people
Go over your current spending habits and personal spending habits
Before sharing your finances with someone, you should figure out how they operate regarding money and what personal expenses they prioritize. You should do the same for your partner and be very transparent about your spending habits.
Set some goals
Sit down with your partner and see if you can evaluate where you want to be in the future financially. What will you two want to save money for? Do you want to have kids, and if so, how much money will you want to have set aside for when you’re ready to start a family? Those are all saving goals to consider and talk through with your spouse.
Start budgeting together
After getting married, pick a day to sit down for a few hours and create a budget. Using the help of a financial advisor, a spreadsheet, or a DIY template, divvy up your shared expenses, personal expenses, and how much money you want to allocate to retirement funds, investments, savings, etc.
The more prepared you are, the better, so take the time to make your budget as elaborate or simple as you want. Don’t stop organizing it until both of you are satisfied!
Again, beginning to share your finances with someone can be really scary, but if you and your spouse are transparent and open with each other, it’ll be much easier to figure out. Good luck!
If true crime defines your free time, this is for you: join Chip Chick’s True Crime Tribe
Forget About The Venus Flytrap: Have You Ever Heard Of This Meat-Eater Known As Butterwort?
Sign up for Chip Chick’s newsletter and get stories like this delivered to your inbox.
More About:Advice